F 1. Create a T-Account ledger for the following Balances, open the T-accounts with the balances from the Balance sheetscreen 2. Input the transactions into each account on the T-Accounts page. There is no need to incorporate the transaction reference number as the balances will not work out. (Knowledge/Understanding) - NOTE: You need to create the extended ledger accounts under owner's equity for Revenue, Expenses, and Drawings. 3. Calculate the balance of each account at the end of the August transactions. This should be done with a function. (Application) 4. Prepare a trial balance based on your account balances from the ledger. (Communication) No. Chart of Accounts Saints Softball City Account No. Account Bank 105 S. Lucas, Capital A/R - Infield Flyers 110 S. Lucas, Drawings A/R - Remdal Red Sox 115 Membership Fees Supplies 120 Cash Sales Equipment 125 Bank Charges Expense A/P - Cannon Sports 205 Heating Expense A/P - Ewert Equipment 210 Rent Expense A/P - Sandhu Sporting Goods 215 Repair Expense Bank Loan 220 Wages Expense 305 310 405 410 505 510 515 520 525 Assets Bank Accounts Receivable Infield Flyers - Remdal Red Sox Supplies Equipment Saints Softball City Balance Sheet July 31st 2006 Liabilities $ 33 000- Accounts Payable - Cannon Sports 1 000- - Ewert Equipment 500- - Sandhu Sporting Goods 7 500- Bank Loan 50 000- Total Liabilities Owner's Equity S. Lucas, Capital $92000- Total liabilities and Owner's Equity $ 10 000- 22 000- 500- 25 000- $57 500- Total Assets 34 500- $92 000 Transactions for August 1. Samuel Lucas, the owner, invested $40 000 in the business 2. Borrowed $15 000 from the bank, which was deposited in the business' bank account. 3. Paid $1 500 to Romeyn Properties Ltd. for the monthly rent. 4. Bought office and various sport supplies for $2 000 cash. 5. Purchased $43 000 worth of bats, helmets, and other sports equipment from Cannon Sports on account. The amount is due in 30 days. 6. Paid $800 cash for the heating bill received today. 7. Bought pitching machines from Ewert Equipment for $12000 and have 30 days in which to pay. 8. Equipment was repaired ($350) from Ewert Equipment and will be paid for later. 9. Bought $7 800 of miscellaneous sports supplies on account from Sandhu Sporting Goods. 10. Sold a one month, team membership to the Infield Flyers for $800 on account. The amount is to be received in 15 days. 11. Sold a two-month team membership to the Remdal Red Sox for $2 200 on account. The bill is due in 30 days. 12. Cash sales for the month amounted to $40 200. 13. Bank charges for services fees and interest amounted to $250, which was taken directly out of the business' bank account. 14. Paid $2 200 cash for monthly wages. 15. Sold a one-month membership cash for $1 300. 16. Paid the full amount to Ewert Equipment from transaction 8 ($350). 17. Owner withdrew $ 1 000 for personal use
